**Charity registration number 1077501**
## **THE DISCHMA CHARITABLE TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **THE DISCHMA CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and administrative information|1|
|Trustees' report|2 - 5|
|Independent examiner's report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the accounts|10 - 16|
|Investment schedule|17 - 18|
## **THE DISCHMA CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Ms Selina Robertson (Chair) Ms Alana Robertson Mr Edward Robertson Mrs Lorna Robertson Timmis J.P. Sir Simon Robertson Lady Virginia Robertson **Secretary** Rathbone Trust Company Limited **Charity number** 1077501 **Registered office** 8 Finsbury Circus London EC2M 7AZ **Independent examiner** Mr David Matkins FCA Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE
- 1 -
## **THE DISCHMA CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees present their annual report and financial statements for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charities Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. The Financial Statements also comply with the Charity's governing document.
## **Objectives and activities**
The Dischma Charitable Trust was created by Deed dated 9th April 1999. The Trustees shall hold the capital and the income of the Trust Fund upon trust to apply income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustees may, in their absolute discretion, think fit.
The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.
## **Main activities**
The Charity was created by the Settlement Deed to make donations to such charitable body or institution that the Trustees deemed fitting. During the year under review the Trustees have made donation payments to 50 charitable organisations that cover a wide spectrum of such bodies. The differing types of charitable organisations that have benefited during the year have been broadly broken down under a number of categories as detailed in note 6 of the accounts.
## **Grant making policies**
The Trustees meet half yearly to review applications for funding. Only successful applicants are notified of the Trustees' decision.
It is the Trustees’ aim to grow the fund in real terms over time but also to distribute or pledge up to 3% of the market value of the investment portfolio, less administrative costs, on an annual basis to worthy causes. The annual income arising is used first, with any balance required to make up the 3% taken from capital funds. As a result of this policy, it is likely that the amount available to the Trustees for distribution each year may fluctuate depending on the annual performance of the investment portfolio.
The Trustees have elected to concentrate (although not exclusively) their current donations policy on charities concerned with Education, Arts and Culture, Conservation and Human and Animal Welfare.
The Trustees, when considering donations to UK based charities tend to favour those charities which mainly operate in London and Hampshire.
The Trustees do not normally support charities which carry out medical research.
During the year under review, the Trustees made a total of 50 donations, as detailed in note 16 of these accounts. The analysis of the donations showing the various types of charities supported are also shown in note 6 of these accounts.
## **Achievements and performance**
The Trustees have made grant payments to charities during the year that have totalled £107,000. This showed an increase of £91,100 as compared with the previous year when they made donations totalling £15,900. The COVID-19 lockdowns impacted on the level of giving in 2020 as the Trustees were unable to convene their normal meetings. In 2021 the trustees ensured even when it was not possible to physically meet that the Charity's level of giving returned to that of previous years, before the pandemic.
- 2 -
## **THE DISCHMA CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Financial review**
Total incoming resources were £25,965 (£13,600 in 2020), with £123,308 (£31,956 in 2020) being committed to charitable activities of which £1,027 (£537 in 2020) related to costs of raising funds and £16,308 (£16,056 in 2020) governance costs, resulting in net incoming resources of £835,037 (incoming £487,949 in 2020).
The total movement of resources in the year also include the realised gain in the year £301,363 (gain £6,892 in 2020) and an unrealised gain based upon the market value of the investments at the year end of £631,084 (gain £499,766 in 2020), and currency gain of £960 (gain £184 in 2020).
## **Reserves**
As mentioned above, it is the Trustees’ aim to distribute or pledge up to 3% of the market value of the portfolio, less administration costs, on an annual basis to worthy causes. The annual income arising from investments will be used first, with any balance required to make up the 3% taken from capital funds. The remaining capital of the Charity will be held to generate future income and to be available to fund individual donations in accordance with the Trustees’ grant making policies.
## **Plans for the future**
The Trustees do not envisage any further significant changes to their aims and objectives, they intend to continue supporting a fewer number of charities at an increased level.
## **Investment policy**
The Dischma Charitable Trust’s investments are predominantly invested on a discretionary basis by James Hambro and Partners through the Sardasca Fund. There are then a range of illiquid assets selected by the previous investment manager, Stonehage Fleming, which are being reduced over time as well as a holding in the Whale Rock Flagship Fund gifted by Sir Simon Robertson to the Dischma Charitable Trust in 2019.
## **Investment performance Capital**
After a reasonable 2020, the Sardasca Fund performed strongly in 2021 as the market rotated back into quality and growth companies. These companies usually form the core of the Sardasca Fund’s investments given that they tend to deliver higher and more consistent returns. During the period individual holdings such as Alphabet, Intuit, Microsoft and Thermo Fisher contributed particularly strongly.
The proportion of the Fund invested directly in company shares, as opposed to invested through third-party equity investment funds, was increased over the year from 57% of the Fund to 62% of the Fund. In consultation with the Trustees, James Hambro and Partners believe that investing in these companies is the best way to protect and grow the value of assets after the effects of inflation for the long term.
However, companies, and markets generally, inevitably have setbacks. To provide some protection, the exposure to equities has been balanced with investment in other assets such as bonds, alternatives and cash. The Fund finished the period with 72% in equities and a combination of more defensive holdings in the form of US government-issued, inflation-protected bonds, gold, absolute return funds and a higher cash balance.
## **Income**
Over the period under review, the Trust received less in investment income than was distributed in grants. However, bearing in mind that the Trustees measure investment performance on a total return basis and gauge their distributions accordingly, the Trustees are satisfied that the level of investment income should not impact their grant giving capabilities.
- 3 -
## **THE DISCHMA CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Risks**
Risk management is considered regularly at the Trustees’ meetings. The Trustees are satisfied that the right processes are in place to identify the major risks to which the Charity is exposed and that systems are in place to manage them in so far as is possible.
The main risk identified is investment market risk. The Trustees consider this risk appropriate given the intention is to grow the value of the Trust’s assets after the effects of inflation over the long term to support future grant giving. This risk is mitigated by the long investment time horizon of the Trust, the level of grant giving relative to the size of the Trust’s assets and the flexibility on making grants in any individual period, and the choice of investment manager and their investment approach.
The other key risk identified relates to the counter-party risk related to the Charity’s holding of cash and investments. This risk has been mitigated by the selection of an investment manager to manage the Charity’s investments and cash, who in turn has selected a strong and stable custodian for holding these assets.
## **Structure, governance and management**
The Trustees who served during the year were:
Ms Selina Robertson (Chair) Ms Alana Robertson Mr Edward Robertson Mrs Lorna Robertson Timmis J.P. Sir Simon Robertson Lady Virginia Robertson
The power of appointing new Trustees of the Charity is vested in the Settlor of the Charity, Sir Simon Robertson, and after the death of the Settlor in such person as the Settlor shall by Deed or Will appoint.
The Charity's other advisors are noted on page 1.
## **Decision making**
In a normal year with no lockdown restrictions, the Trustees meet half yearly to review applications for funding, investment performance, income levels and the financial statements. In between Trustees’ meetings, urgent appeals may be considered and subsequently ratified at the following half yearly meeting. As it was not possible for the Trustees to meet in person during 2021, the donations made were agreed by email and ratified by the Trustees’ unanimous approval of these financial statements.
## **Trustee training**
Despite lockdown restrictions, the Trustees have continued to correspond with their professional advisors regularly by telephone and email and the advisors are specifically instructed to appraise the Trustees of relevant technical and practice issues as they arise.
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## **THE DISCHMA CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
...............................................................
Dated: 29 March 2023
**Ms Selina Robertson (Chair) For and on behalf of all Trustees**
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## **THE DISCHMA CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE DISCHMA CHARITABLE TRUST**
I report to the Trustees on my examination of the financial statements of The Dischma Charitable Trust (‘the Charity’) for the year ended year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (ii) the financial statements do not accord with those records; or
- (iii) the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
.................................................. **David Matkins FCA**
Dated: 29 March 2023
Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE
- 6 -
## **THE DISCHMA CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Notes**
**Income**
Investment income
**3**
**Total income**
**Expenditure**
Raising funds
**4**
Charitable activities
**5**
**Total resources expended**
**Net outgoing before investment gains**
Net gains on investments
**10**
**Net movement in funds**
Fund balances at 1 January 2021
**Fund balances at 31 December 2021**|**2021**
**£**
25,965
25,965
1,027
123,308
124,335
(98,370)
933,407
835,037
7,189,832
8,024,869|**2020**
**£**
13,600
13,600
537
31,956
32,493
(18,893)
506,842
487,949
6,701,883
7,189,832|
|---|---|---|
- 7 -
## **THE DISCHMA CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds - general|**2021**
**£**
**£**
8,005,850
-
35,111
35,111
(16,092)
19,019
8,024,869
8,024,869
8,024,869|**2020**
**£**
**£**
7,087,070
121
118,541
118,662
(15,900)
102,762
7,189,832
7,189,832
7,189,832|**2020**
**£**
**£**
7,087,070
121
118,541
118,662
(15,900)
102,762
7,189,832
7,189,832
7,189,832|
|---|---|---|---|
||||7,189,832|
||||7,189,832|
||||7,189,832|
The financial statements were approved by the board of Trustees and authorised for issue on 29 March 2023 and are signed on its behalf by:
...........................................................
**Ms Selina Robertson (Chair) For and on behalf of all Trustees**
Dated: 29 March 2023
- 8 -
## **THE DISCHMA CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**2021**
**2020**
**Notes**
**£**
**£**
**£**
**Cash flows from operating activities**
Cash absorbed by operations
**14**
(123,062)
**Investing activities**
Purchase of investments
(175,007)
(206,693)
Proceeds on disposal of investments
482,262
208,179
Dividends and interest received from investments
25,965
14,547
**Net cash generated from investing**
**activities**
333,220
**Net increase/(decrease) in cash and cash**
**equivalents**
210,158
Cash and cash equivalents at beginning of year
166,649
**Cash and cash equivalents at end of year**
**15**
376,807|**£**
(38,444)
16,033
(22,411)
189,060
166,649|
|---|---|
- 9 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **1.2 Going concern**
The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern . The review of the financial position, reserves levels and future plans gives Trustees confidence the Charity remains a going concern for the foreseeable future.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.
## **1.4 Incoming resources**
Donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Donations made in a form other than cash are initially recognised at the market value at the date of the gift.
Investment income is accounted for on an accruals basis in the period to which it relates.
## **1.5 Expenditure**
Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.
Management and administration costs comprise those costs incurred in running the Charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.
Governance costs consist of those costs associated with the overall running of the Charity and meeting statutory and regulatory requirements.
## **1.6 Investments**
Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.
- 10 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
**(Continued)**
## **1.7 Financial instruments**
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
The Trust does not acquire put options, derivatives or other complex financial instruments.
## **1.8 Foreign exchange**
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.
## **1.9 Debtors**
Debtors are recorded at their expected settlement amount.
## **1.10 Cash and cash equivalents**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.11 Creditors**
Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 11 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **3 Investment income**
|Income from listed investments
Fixed interest
Accrued interest
**4**
**Raising funds**
Investment management
**5**
**Charitable activities**
Grant funding of activites (see note 16)
Share of governance costs (see note 7)
**6**
**Grants payable**
Wildlife & Conservation
General Medical, Mental Health and Disabled
Children and Youth Welfare
General
Education
Elderly Welfare
The Relief of Poverty
The Arts, Theatres & Museums etc
Animal Welfare
Homelessness|**2021**
**£**
25,208
-
757
25,965
**2021**
**£**
1,027
1,027
**2021**
**£**
107,000
16,308
123,308
**2021**
**£**
13,500
31,250
11,350
23,400
2,500
5,500
-
4,500
2,000
13,000
107,000|**2020**
**£**
11,249
2,351
-|
|---|---|---|
|||13,600|
|||**2020**
**£**
537|
|||537|
|||**2020**
**£**
15,900
16,056|
|||31,956|
|||**2020**
**£**
2,000
2,900
-
5,000
5,000
-
1,000
-
-
-|
|||15,900|
All of the above grants were payable to institutions.
- 12 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **7 Support costs**
|Management and administration fees
Independent examiner's fee
LEI fees|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
14,400
-
1,830
-
78
-
16,308|**2021**
**£**
14,400
1,830
78
16,308|**2020 Basis of**
**allocation**
**£**
14,400 Governance
1,500 Governance
156 Governance
16,056|
|---|---|---|---|
## **8 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the Charity during the year or the previous year.
## **9 Employees**
There were no employees during the year or the previous year.
## **10 Net gains on investments**
|Unrealised gains on investments
Gain on sale of investments
Gain on foreign currency exchange
**Fixed asset investments**
**Investments**
**£**
**Valuation**
At 31 December 2020
7,038,962
Additions
175,007
Unrealised loss
631,084
Realised gain
301,363
Cash available to invest
-
Disposals
(482,262)
At 31 December 2021
7,664,154||**2021**
**£**
631,084
301,363
960
933,407
**Cash in**
**portfolio**
**£**
48,108
-
-
-
293,588
-
341,696|**2020**
**£**
499,766
6,892
184
506,842
**Total**
**£**
7,087,070
175,007
631,084
301,363
293,588
(482,262)
8,005,850|
|---|---|---|---|
|||||
## **11 Fixed asset investments**
- 13 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **11 Fixed asset investments**
**(Continued)**
**Investments representing more than 5% of the portfolios total market value (excluding cash):**
||**Investment**|**Units**|**Market Value**|**% of Total**|**Market**||
|---|---|---|---|---|---|---|
||||**£**||**Value**||
||S&W The Sardasca Fund £ Inc|2,986,042|6,127,358|79.95%|||
||Whale Rock Flagship Fund Ltd|331.1561|1,428,072|
18.03%|||
|||||**2021**||**2020**|
|||||**£**||**£**|
||Listed investments|||7,664,154|7,038,962||
||Cash in investment portfolio|||341,696||48,108|
|||||8,005,850|7,087,070||
||Historic cost of investments|||6,322,878|6,535,313||
|**12**|**Debtor: amounts falling due within one year**||||||
|||||**2021**||**2020**|
|||||**£**||**£**|
||Accrued interest|||-||121|
|**13**|**Creditors: amounts falling due within one year**||||||
|||||**2021**||**2020**|
|||||**£**||**£**|
||Management and administration fee|||14,400||14,400|
||Independent examiner's fee|||1,692||1,500|
|||||16,092||15,900|
- 14 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**14**|**Cash generated from operations**|||
|---|---|---|---|
|||**2021**|**2020**|
|||**£**|**£**|
||Surplus for the year|835,037|487,949|
||Adjustments for:|||
||Investment income recognised in profit or loss|(25,965)|(13,600)|
||Gain on disposal of investments|(301,363)|(6,892)|
||Unrealised gains|(631,084)|(499,766)|
||Movements in working capital:|||
||Decrease in debtors|121|-|
||Increase/(decrease) in creditors|192|(6,135)|
||**Cash absorbed by operations**|(123,062)|(38,444)|
|**15**|**Cash and cash equivalents**|||
|||**2021**|**2020**|
|||**£**|**£**|
||Cash at bank and in hand|35,111|118,541|
||Cash available to invest|341,696|48,108|
|||376,807|166,649|
|**16**|**Donations made during the year**|||
||||**2021**|
||||**£**|
||Abortion Support Network||2,000|
||Acid Survivors Trust International||2,000|
||Age UK||2,000|
||Albert Kennedy Trust||2,000|
||Alton Community Centre||1,000|
||Amref Health Africa||2,000|
||Arts Emergency||2,500|
||Breast Cancer Haven||2,000|
||Brooke Hospital for Animals||2,000|
||Cardiac Risk in the Young||1,000|
||Cardinal Hume Centre||1,000|
||Care for Children||400|
||Carers Trust||2,000|
||Children's Heart Foundation||750|
||Clowns in the Sky||750|
||Compassion in World Farming||5,000|
||Disabled Sailors Trust||1,500|
||Carried forward||29,900|
- 15 -
## **THE DISCHMA CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**16**|**Donations made during the year**|**(Continued)**|
|---|---|---|
|||**2021**|
|||**£**|
||Brought forward|29,900|
||Dorset & Somerst Ambulance|1,000|
||Ella's Home|1,000|
||Film & TV Charity|2,000|
||Fine Cell Work|5,000|
||Gantry Youth Theatre|1,000|
||Get Set Girls|400|
||Girl's Network|2,000|
||Glass Door|10,000|
||Hackney Migrant Centre|5,000|
||HART Wildlife Rescue|2,000|
||Hourglass|2,000|
||Just for Kids Law|400|
||Listening Books|1,500|
||Microloan Foundation|2,500|
||Play Cabin, Woodgreen|500|
||Praxis Community Projects|400|
||Re-Cycle|1,500|
||Royal Trinity Hospice|10,000|
||Sarcoma UK|2,000|
||School Connect|500|
||Siblings Together|400|
||Sistah Space|2,500|
||Solace Women's Aid|3,000|
||SPANA|1,500|
||Stable Family Home Trust|2,000|
||Surfers Against Sewage|1,500|
||TalentEd|500|
||The Lullaby Trust|500|
||The Ralph Bates Pancreatic|4,000|
||Wanstead Youth Club|500|
||Water Harvest|1,000|
||Womankind|5,000|
||World Animal Protection|4,000|
|||**107,000**|
- 16 -
## **THE DISCHMA CHARITABLE TRUST**
## **INVESTMENT SCHEDULE**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Holding**|**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Gross Income**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|**1 January**|**2021**|**1 January 2021**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 December**|**31 December**||
||||||||||**2021**|**2021**||
|||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**|
|Blackrock Asset Mgmt Ireland Ltd||||||||||||
|Bgi Sterling Liquidity 1st Fd I (Instl)||||||||||||
||||310,000|310,000|40,000|40,000|||270,000|270,000|619|
|Duet Real Estate Finance Ltd||||||||||||
|Ordinary No Par Value||||||||||||
|86,746|||||||||86,746|||
|FF&P Enhanced Opportunities||||||||||||
|Commodities Cell B||||||||||||
||2,559|6,501|||||||2,559|6,501||
|FF&P Venture Funds PCC||||||||||||
|Cell V Class B||||||||||||
|13,048||3,653|||9,933|2,785|4||3,115|872||
|GHP Russia Real Estate Develop Ltd||||||||||||
|Ordinary shares US$0.001||||||||||||
||6,263|57,618|||959|7,245|(1,578)|||||
||||||161|1,337|(148)|||||
||||||2,646|12,536|(11,803)|(22,971)|2,497|||
|Sardasca Fund||||||||||||
|Third Party Funds Global Equities||||||||||||
|2,986,042||6,127,358|||||||||4,718|
||||||||||||10,272|
||||||||||||11,646|
|||||||||(641,999)|2,986,042|5,485,359|11,317|
- 17 -
## **THE DISCHMA CHARITABLE TRUST**
## **INVESTMENT SCHEDULE**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Gross Income**|
|---|---|---|---|---|---|---|---|---|---|---|
|**1 January 2021**|**1 January 2021**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 December**|**31 December**||
|||||||||**2021**|**2021**||
||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**|
|Stonehage Fleming|||||||||||
|Heritage Fund B|||||||||||
|33,279|38,084|||2,089|2,407|17|||||
|||||1,997|2,210|(75)|||||
|||||3,006|2,620|(821)|(9,722)|26,187|20,246||
|Stonehage Fleming Global Property PCC|||||||||||
|Y Series Growth|||||||||||
|40,981|2,869|||||||40,981|2,869||
|Whale Rock Flagship Fund Ltd|||||||||||
|Class A3 Series|||||||||||
|331|1,428,072||||||(559,647)|331|868,425||
|**TOTAL:**|**7,664,155**||**310,000**||**71,140**|**(14,404)**|**(1,234,339)**||**6,654,272**|**38,572**|
- 18 -